VIE模式对中国赴美上市企业影响的SWOT分析

Influence of VIE pattern on U. S.-listed Chinese companies by the SWOT analysis

VIE模式的实质是境外的上市实体通过协议控制的方式来控制境内企业经营实体的一种架构。从积极的角度来看,VIE模式可以被理解为在中国特定的发展背景下的一项金融创新;从消极的角度来看,VIE模式是企业为了规避国内相关法律对外资的监管而打的一个擦边球。VIE架构自诞生之初,其合法性一直未被监管当局明确,这增加了具有VIE架构背景企业的隐忧。基于新一轮的中国概念股私有化浪潮为背景,对VIE模式的基本概念及由来重新梳理,运用SWOT分析方法对VIE模式对赴美上市中国企业的影响进行探讨,以资借鉴。

The essence of the VIE model is a structure that Listed entities overseas controls the domestic enterprise by means of protocol control management entity. From the positive point of view,the VIE model can be understood as a financial innovation under the background of China＇s specific development period. From the negative point of view,the VIE model is a chip the enterprise played in order to circumvent the domestic relevant legal regulation on foreign capital. From the beginning of the birth,the legitimacy of VIE structure has not obtained clear attitude from regulatory authorities,which increases the concern of the enterprise having VIE structure background. Based onthe background of a new round of china concept stock privatization,this paper combs the basic concept and the origin of the VIE model and discusses the influence of the VIE model on U. S.-listed Chinese companies through the SWOT analysis method.